A nice tech bounce lead by the semis. Since last week's three day rally, we've carved out a higher low and a higher high. Now we have the jobs data to contend with tomorrow. Today's action took place on less than average volume and could be an early warning sign that this may be little more than a relief rally on the way down. We have lots of resistance overhead and we need to protect long profits by keeping tight stops. Today's rally was broad based with all major tech sectors participating except disk drive. The NDX winners were RHAT, JNPR, and SHLD and the losers were SNDK and SUNW. Only seven names on the NDX 100 finished lower today.
Thursday, June 01, 2006
NASDAQ Technical Picture
A nice tech bounce lead by the semis. Since last week's three day rally, we've carved out a higher low and a higher high. Now we have the jobs data to contend with tomorrow. Today's action took place on less than average volume and could be an early warning sign that this may be little more than a relief rally on the way down. We have lots of resistance overhead and we need to protect long profits by keeping tight stops. Today's rally was broad based with all major tech sectors participating except disk drive. The NDX winners were RHAT, JNPR, and SHLD and the losers were SNDK and SUNW. Only seven names on the NDX 100 finished lower today.
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